SEC Filing Summary: Piper Jaffray Companies (13F-HR)
Business Context and Reporting Period
Reporting Manager: Piper Jaffray Companies (filing as Piper Jaffray Companies)
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter ended June 30, 2004
Filing Date: July 28, 2004
Signatory: Tim Carter, Controller
This filing discloses the equity securities held by the institutional investment manager at the end of the second quarter of 2004. The report covers 1,562 distinct holdings entries.
Key Financial Metrics
Total Portfolio Value: $435,485,000 (Reported as $435,485 in thousands)
Total Number of Holdings: 1,562 entries
Asset Composition: The portfolio consists primarily of common stocks, with significant allocations to corporate notes (debt securities) and exchange-traded funds (ETFs), including a large block of iShares Trust products.
Liquidity and Debt: As a Form 13F filing, this document reports holdings of equity securities and does not disclose the manager's internal cash balances, corporate debt obligations, or liquidity ratios.
Material Changes and Portfolio Composition
Top Holdings by Value (Selected):
- General Electric Co: $5,813,000 (179,403 shares)
- Microsoft Corp: $5,603,000 (196,167 shares)
- Pfizer Inc: $5,406,000 (157,703 shares)
- Cisco Systems Inc: $4,485,000 (189,226 shares)
- Exxon Mobil Corp: $4,418,000 (99,488 shares)
- Citigroup Inc: $5,876,000 (126,360 shares)
- Starbucks Corp: $5,699,000 (131,040 shares)
- Medtronic Inc: $6,391,000 (131,180 shares)
- St. Jude Medical Inc: $5,262,000 (69,562 shares)
- Target Corp: $2,057,000 (48,428 shares)
Debt Securities: The portfolio includes significant positions in corporate notes, such as:
- Cypress Semiconductor Corp Note: $9,447,000
- Gap Inc Note: $8,459,000
- Skyworks Solutions Inc Note: $3,884,000
- Computer Associates Intl Inc Note: $1,359,000
Derivatives: The filing indicates the use of options, including Put positions in Barnes & Noble Inc ($850,000) and School Specialty Inc ($545,000), and Call positions in InVision Technologies Inc ($499,000) and Zimmer Holdings Inc ($9,000).
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this document. The filing is a snapshot of holdings and does not address market risks, credit risks, or operational contingencies.
Unusual Items: The portfolio shows a diversified mix of large-cap equities, sector-specific ETFs (iShares), and corporate debt. The presence of significant Put options on specific retail and education stocks (Barnes & Noble, School Specialty) suggests hedging strategies or bearish views on those specific names.
Investor Verification Checklist
- Valuation Accuracy: Verify the reported market values against closing prices on June 30, 2004, for the top 10 holdings to ensure the $435.5M total is accurate.
- Option Exposure: Investigate the specific strike prices and expiration dates for the Put positions in Barnes & Noble and School Specialty to understand the hedging intent.
- Debt Maturity: Review the maturity dates and credit ratings of the large corporate note holdings (e.g., Cypress, Gap, Skyworks) to assess interest rate and credit risk exposure.
- Concentration Risk: Analyze sector concentration, particularly in Technology (Microsoft, Cisco, Intel) and Healthcare (Pfizer, Medtronic, St. Jude), to gauge portfolio sensitivity to sector-specific downturns.
- ETF Holdings: Confirm the underlying assets of the significant iShares Trust positions to understand the passive exposure to international and domestic indices.